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Monetary Policy Implementation at Different Stages of Market Development

Laurens, Bernard - International Monetary Fund (IMF) - 2005

The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and...

Persistent link: https://www.econbiz.de/10005252522

A Post-Reflation Monetary Framework for Japan

Stone, Mark R.; Kramer, Charles Frederick - International Monetary Fund (IMF) - 2005

Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an "anti-deflation" objective to an inflation...

Persistent link: https://www.econbiz.de/10005263789

Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries

Papa M'B. P. N'Diaye; Laxton, Douglas - International Monetary Fund (IMF) - 2002

Using data on long-term interest rates for 17 industrial countries, this paper develops some simple measures of monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the inflation-unemployment process. The results provide some...

Persistent link: https://www.econbiz.de/10005263831

How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda

Bella, Gabriel Di; Hauner, David - International Monetary Fund (IMF) - 2005

This paper revisits the usefulness of econometric monetary analysis in low-income countries in a case study on Rwanda, an interesting case given its floating exchange rate and reliance on indirect monetary policy instruments on the one hand, and its somewhat typical data and institutional...

Persistent link: https://www.econbiz.de/10005263938

The Implications of Cross-Border Monetary Aggregation

Lane, Timothy D.; Kremers, Jeroen J. M. - International Monetary Fund (IMF) - 1992

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European...

Persistent link: https://www.econbiz.de/10005264074

The International Monetary System in the (Very) Long Run

Sussman, Nathan; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2000

This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...

Persistent link: https://www.econbiz.de/10005264089

Inflation Targeting in Georgia; Are We there Yet?

Bakradze, Giorgi; Billmeier, Andreas - International Monetary Fund (IMF) - 2007

This paper evaluates whether Georgia is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted recently. After reviewing selected prerequisites for successfully implementing IT, the paper focuses on whether one specific precondition is in...

Persistent link: https://www.econbiz.de/10005264092

Is the Quantity of Government Debt a Constraint for Monetary Policy?

Mitra, Srobona - International Monetary Fund (IMF) - 2007

This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are...

Persistent link: https://www.econbiz.de/10005264121

The Puzzle of Brazil's High Interest Rates

Segura-Ubiergo, Alex - International Monetary Fund (IMF) - 2012

converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market … countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public … savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil …

Persistent link: https://www.econbiz.de/10009654169

Communication of Central Bank Thinking and Inflation Dynamics

Tang, Man-Keung; Yu, Xiangrong - International Monetary Fund (IMF) - 2011

This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics. Imperfect information about the central bank's assessment - or the basis for monetary policy decisions - could complicate the private sector's learning about its policy response...

Persistent link: https://www.econbiz.de/10009293777

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